Two thirds desperate to buy despite house prices

More than two-thirds of East Midlands residents hope to buy despite UK house prices increasing by 4,300 per cent over the last 40 years

With the average income needed to buy a first home doubling to £40,000 since 1997, hopes of owning a property may have been dashed for some.

Nevertheless, research by TopCashback published this week, reveals that despite this, a significant number of East Midlands residents are making the attempt.

The figures, based on a survey of 128 people in the East Midlands, state that 65 per cent of over 18’s are currently saving for a house deposit and, of these, the majority are putting away between £151-£200 each month.

However, despite their saving efforts more than one-third of East Midlands residents still expect they will need help from their parents to raise a full deposit for a property.

Other key findings revealed that:

More than two-thirds of East Midlands residents are hoping to buy a property in the future.

The majority of East Midlands residents who are not expecting to buy a property stated the main reason was that they don’t see themselves being able to raise a deposit.

London homeowners have received the most help with deposit funds from parents.